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and writes council demands the sri lankan government investigate alleged war crimes. and emotions run high in australia. u.s. president barack obama is meeting the palestinian president must learn abbas in the occupied west bank during it is his first trip to both israel and the occupied palestinian territory since he became a presidential candidate .n 2008 gate let's go straight to nicole johnson who is in rom -- in ramala. tell us how talks have been so far. it seems that nicole cannot hear us right now. for now, we will carry on with the truth of barack obama in ramala. he is thereafter spending some time in israel during he is due to return back to israel after spending a few hours in the west bank. i believe now we have nicole johnson in ramala. can you hear me? it seems that we once again have some audio difficulties. let's put this in some. as this visit happens, two explosions in southern israel, only a few hours ago, is a stark reminder of the reality on the ground. israeli police say that the rockets were fired from gaza. there are no reports of injuries. the european central ban
's security, and to speak directly to the people of israel and to your neighbors. >> the israeli government hopes washington can help tackle the region's most pressing challenges. the upheavals triggered by the arabs spring have increased political instability, and the threat of iran's nuclear program is ever present, but not everyone is happy to see obama. palestinians in the occupied west bank and here on the gaza strip have been protesting. >> obama's visit shows that the u.s. is providing legitimacy and support to the occupation of our land. >> obama is scheduled to travel to the west bank and jordan before leaving the region on saturday. >> let's cross over now live to our correspondent, who is covering the president's visit for us. barack obama and benjamin netanyahu have not enjoyed the warmest of relationships. how did they come across at the press conference? >> this was an interesting press conference. they tried to joke around. they clearly tried to show that at this time, they were trying to put personal differences aside. experts all say they might not become best friends, but
european union and the government of cyprus has agreed on a euro package to salvage the countries tanks. many are still skeptical. a call for politicians to be held accountable. as this nation prepares to face years of austerity to meet the terms laid out by its international lenders. >> we will be going live to our correspondents in just a moment. first, this report. >> cyprus's a banks have been closed for 10 days now. the two mainlanders will be shut on thursday. smaller banks will open in the morning. the to be a bank holiday anyway. went ahead as planned. celebrations are muted. everyone knows there are hard times ahead. >> there is no other choice. i cannot say we rejoice, but if this is the only possible way, then i want to assure you that we will be very resilient. >> it is goodbye to the low-tax business model that attracted lots of money a broad, a huge number of inking jobs will go. the country's a second-biggest bank, lockheed, will be submerged into the bank of cyprus. that's a, too, will be radically structured. euros will remain frozen. 30% will be taken to help sor
, eyewitnesses said the rebels control strategic locations. foreign forces helping the government also suffered a defeat. the south african soldiers were tasked with guarding bangui. is himself a former soldier. ruleast few months of his were turbulent. his term is not up until 2016. rebels said they want to hold elections. there is still heavy fighting in bangui. a peaceful transition is not on the cards. >> paris musharraf has returned home from self-imposed exile, declaring he was to save the country. musharraf spent the past four years in london and dubai, but now wants to take part in elections this may. >> coming home may herald a comeback for musharraf. greeting supporters after stepping off his flight. i've come back, putting my life in danger, in order to save pakistan. >> not everyone in pakistan is happy he is home. the military man made many enemies as president. in 2008, musharraf was forced to quit amid political turmoil i. his political past could come back to haunt him. pakistan's teledyne hates musharraf because he supported george w. bush's war on terror hatesevision -- taliba
started off last friday in russia. before he arrived chinese media say government officials secured china's biggest arms deal with russia in a decade. the purchase is worth about $3 billion and is expected to include 24 fighters jets and four submarines. president xi and president vladimir putin agreed during their meeting to strengthen military exchanges and cooperation. china and russia are expected to announce further cooperation in developing military technology such as surface-to-air missile and aerial tankers. chinese defense ministry representatives say their military relationship with russia is not directed at any third country. but the weapons deal comes as china remains locked in a dispute with neighboring nations over territory in the east china sea and the south china sea. chinese leaders are expanding their military budget. the country's defense spending has surged nearly fourfold in the past decade. >>> populous, prosperous, pushing ahead. china's ride, power, and problems. an income gap divides it's people, pollution threatens their health, and trained relations with their
. the government of cyprus has brokered a last-ditch $13 billion bailout deal with european officials to stave off the collapse of its banking sector. under the deal, on deposits above approximately $130,000 in the island's main banks will be frozen and used to help pay off the banking sector's debts. in addition, cyprus' second- largest bank will be shut down. an earlier version collapsed last week when tsipras took to the streets to protest and a tax of up to 10% on their life savings. on sunday, fresh protests erupted. on cyprus withre the economist richard wolff after the headlines. and your report says the cia has been supporting a vast expansion in the flow of weapons to syrian rebels fighting president bashar al-assad. the new york times reports the airlift of arms and equipment to the rebels, largely overseen by turkey, has massively increased since early 2012 to include more than 160 flights in jordanian, saudi and qatari planes. u.s. intelligence officers have helped shop for weapons and have vetted rebel groups to decide who gets the arms. the cia's covert backing comes despite the obam
. this is a big government tax grab that we will debate. >> speaking of taxes, guess who is not paying them? more and more federal workers are tax cheats. why shouldn't tax cheats just be fired? it's that easy on the "kudlow report." and we begin right now. first up tonight, the cyprus crisis continues. riots are forming in the streets. cnn's own chief international correspondent michelle caruso-cabrera is with us tonight. >> cyprus is going to do something that's called "resolving a bank." like all tough things in life, we use euphemisms. tonight the head of the central bank has asked parliament to give him permission to give him new powers of resolution authority. what he will do with that resolution authority is he will take cyprus's most troubled bank, he's going to take the good deposits in that bank and move them to another cyprus bank. the bad deposits, the bad loan, the junk that's in laiki bank will remain as a stub and those assets will be sold off over time. first, it's going to get them a lot claeser to the $5.8 billion they need to come up with. the other key point, people under 1 hu
, people in cyprus are standing in lines at cash machines. banks remain closed as the government's scramble to put together a new bailout plan for the broken financial sector. >> the clock is ticking. ecb says cyprus must come up with ed bop -- viable bailout plan by monday. if not, there will cut off funding, also listening the country into bankruptcy. >> there's also talk of a solidarity investment fund that could include bonds backed by the government and even by churches. >> angry separates -- cyprian -- separates -- cypriots gathered outside the parliament building here the latest reports say cypriot officials are mulling a special fund as contributions coming reportedly from the island's wealthy orthodox church, from pension funds, and the central bank's gold reserves. the governor of the island's central bank was confident a solution would be found. >> i expect there will be a program of support for cyprus until monday. >> as the politicians tried to come up with a last-to address you, the mood on the streets debt is to spur a panic. earlier in the day, police clashed with angry bank
. the next few hours will determine the future of the country, said the government spokesman. in the meantime, with the banks closed this is a country in waiting. midday, the main shopping street here almost deserted. >> it is empty. this is one of the busy high streets. it's deserted. it's unbelievable. >> at the cash machines of a troubled bank, withdrawals are limited to 260 euros a day. >> they're afraid maybe next week -- this is our [inaudible] >> in the supermarket, there's evidence of a cash economy expanding. >> we have suppliers demanding cash. not all of them but some are in a panic situation and are demanding cash payments. >> so everyone is waiting to see whether the government can strike a deal with the e.u. by the deadline of monday and save the country from bankruptcy. the challenge for cyprus and its parliament is how to raise nearly $6 billion and so qualify for a full zureo -- eurozone bailout. the problem is there is tension between cyprus and germany. only today angela merkel was warning that patience has its limits. banking would be restructured with smaller bank account
. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
, rangery. they're if disbelief over this decision that was struck between the government and brussels leaders on saturday morning. but it's not just the people who are angry. it's also the politicians. many politicians in this 50/60 parliament in cyprus have said they would reject the bailout package because of the hugely unpop already deposit tax. press reports indicate that up to three parties could be volting against the bailout deal, which will be voted on in parliament later today. that's the debate and the vote are expected to kick off around 4:00 p.m. local time. so what the president is trying to do at the moment, he's trying to pure swede the members of parliament that this is the only solution going forward. if they vote against the bailout deal, the only alternative is bankruptcy for this country in the next couple of days. but it's going to be very, very crucial for the president to strong arm the other members of parliament into a positive decision on the bailout deal because at this point in time, he does not have a clear majority in parliament. he only has 20 seats. and
are in a panic situation and are demanding cash payments. >> so everyone is waiting to see whether the government can strike a deal with the e.u. by the deadline of monday and save the country from bankruptcy. the challenge for cyprus and its parliament is how to raise nearly $6 billion and so qualify for a full zureo -- eurozone bailout. the problem is there is tension between cyprus and germany. only today angela merkel was warning that patience has its limits. banking would be restructured with smaller bank accounts protected but larger accounts possibly taking steep losses and there might still be a tax on savings. it was rejected once but might be applied to big deposits. every move is controversial. these bank statue were blocking the roads today. they fear restructuring the banks will lead to layoffs. >> they fear they won't have a job. what do you think will happen? >> whatever is decided here will still have to win the approval of the eurozone and the i.m.f. in order for cyprus to receive a bailout. >> and the reports coming in tonight do suggest that as part of the new plan being debite
. take 20% of their dough. hard to say. this much is not. it is going to happen. because the government needs the dough. if they still want to get european union dough. it gets weird and complicated. desperate to stay in the euro club. does this ring a bell? it should. no one is taxing the bank holdings, thanks to obamacare, they are going after the other assets. 3.7% on investment sales larger than 100,000 grand. the next time you try to sell your house, trust me. you will hit the roof. think about that. tax not on your income, earned or unearned but your assets. what you have, what you own. your tangible assets. home here, bank account there. is there difference? no. no difference between american government taxing you for medical devices and what it deems as a medical insurance plan. taxing you not on what you make but what you have. the stuff you attain through life of work no, matter when you work or how much you made when you work. stuff you got now. to government, it sees that you have it now and it wants it now and wants you to pay up now. feel for the cri produce citizens who c
want to be? you want to be an individual. you don't want to be part of the government. strive for achievement. how cool is that? that is what you get out to young people today. ref ject government influence. how simple is that? >> eric: is it smart for the g.o.p. and reince priebus is a say we have an autopsy report about what went wrong in the election? >> dana: i think so. there is a lot in the report, 219 recommendations. i don't know why they couldn't have made it, come up with one more. maybe 220. but 219 may be more catchy. i agree on the point every party goes through this. what rush was saying, i remember talking to president bush 41 to ask him is he worried about the future of the republican party. he said look in 1992 after he lost, it took a while for republicans to get their footing but they did after two or three years. they come back in 1994, win big time. same thing in 2010. unshaky. clinton wins again in '96. come back and the republicans have the white house for eight years. there is something in this report that is interesting and bears a discussion on both s
. >> well-received by the enthusiastic young audience, it will not go well with the center-right government. againstler, so opening the creation of a palestinian state. this was an overwhelmingly pro- is really speech, barack obama logging its achievements, condemning the enemies, but the message came in the middle. there has to be peace in the region and that cannot happen without the independent viable palestinian state. no israeli border big enough, no missile system, and occupation is not the answer. ironically, barack obama seemed less engaged and less preoccupied with the moribund speech process when he met palestinian leaders earlier today in ramallah. they, too, have a responsibility, the president told them, and have to be prepared to make sacrifices. this visit has largely been about barack obama reconnecting with israel and working with leaders. but he has also shown he is prepared to invest more time and effort into achieving be unachievable. achieving be unachievable. >> there was one phrase that barack obama used again and again, telling israeli leaders the same phrase, tellin
. meanwhile, at the finance ministry, the government has been holding talks with the imf, european central bank, and the european commission. progress on details of the bailout is slow. the majority of the issues on that paper to not call for any further work. there were two issues which will allow me not to go into any detail calling for greater quantification. >> the european commission books prepared to compromise. the biggest banks face a hair cut of 20% on deposits rather than 25%, a breakthrough that may be key to securing parliament's approval. >> we are following the story in cyprus and we are joined on the line. nathan, fill us in on the details of the possible deal. >> as we just heard, we understand there has been agreement between cyprus and the e.u. and imf at a 20% levy will be slapped on deposits of over 100,000 euros at the bank of cyprus, the biggest blunder in this country. 4% levy on deposits, the same amount as other lenders, which would include the much talked- about lackey bank. these pension funds, which we have heard so much about, which we also know were opposed by
consultations, building on what we've already discussed, as bb has just formed a new government as i am entering my second term, that you know, we continue to have close consultation around some of the shared interests that we've already discussed. iran being, obviously, a prominent shared concern. i want to make sure that the israel people and israeli government make sure how i'm approaching problem. and i want to make sure how the israeli government and prime minister is approaching these problems to make sure there are no misunderstandings there. with respect to the peace process as i've said, i'll have more to say about this tomorrow. but i think you're absolutely right over the last year, year and a half, two years, two and a half years, we haven't gone forward. we haven't seen the progress that we would like to see. there's some elements of good news. i mean, the fact of the matter is even with all that's been happening in the region, the palestinian authority has worked effectively in cooperation with the international community in part because of some of the training that we, the united
on this rich guys did not dodge the tax. now a government has broken precedence, by going after what is in their bank account, how long do you think it will be before governments start sniffing around your bank account. frankly, i believe it's not long. think this country, when first federal income tax was just to blender efforts of world war i but it stuck around. or europe. expanded. what started out as a 4% tax for millionaires is now north of 20%, and en snaring, well, everyone. that is what concerns me about this cyprus tax. what the poor saps will discover when the banks reopen in cyprus, run. can't take their money and the government is watching and limiting, and i am kind of worrying. what is going on in this island nation, is a tsunami. bank on it. literally. to rich edison, in cyprus to this nervous night before, hey, rich. >> good evening neil, you have to imagine, folks without access to their banks account will have some tomorrow 8:30 in the morning. for more than a week these folks had closed banks today there was a bit of a lull, in fact that banks were closed not beca
bankruptcy and bailout. can the government come up with a bankruptcy plan for the banks? we will go live to nicosia. >> u.s. president barack obama wraps up his three-day tour of the middle east with a final stop in jordan and a bit of telephone peace brokering. and "cloud atlas" is the front runner in this year's nominations for the german film prize, the lolas. for cyprus, the coming weekend is make or break time. lawmakers have two more days to come up with a bailout plan for the banks or risk sending the whole country into economic collapse. >> the european central bank has said cyprus must come up with 5.8 billion euros by monday in order to qualify for a 10 billion euro bailout. if nicosia fails, the ecb will cut off funding to the ivan. russia further increase pressure on friday, saying it will not offer financial aid until a final plan that the eu is sealed. >> that has the government in nicosia backed or it was a few days ago. that includes a controversial tax on bank accounts to fund the bailout. >> people in cyprus brave the storm to protest outside parliament ahead of a cruci
that the government bonds won't be touched. so at the end of the day, it's completely different in respect of what's happening. >> the keeping is whether the read through -- what the principles -- when draghi said we'll do whatever it takes, they will do whatever it takes, including rewriting the rules, ignoring democracy, whatever it is, we will do whatever it takes. >> we started at the beginning of the crisis, no? whenever you need something, you do it. and despite it being difficult or anti-economical or not really democratic, it's going to be taken to try to save what is -- what looks to be good for the country. >> plenty more to come from you. meanwhile, let's just remind you what's happening in the asian session. they were trading on the way up to this cypriot deal. li sixuan has more for us out of singapore. >> thank you, ross. nice to see you. the cypress deal in brussels spelled relief for most asian bourses with the japanese market leading the charts. and the nikkei 225 rebounded 1.7% after the 2.4% drop last friday. financials made a comeback with exposure in europe. also got a boost w
have been down. i don't know if you want the government to tell the cruise ships what they should be doing, they will be losing ticket sales if they don't get their act together with the cruise ship. >> at the same time if this is going to take affect out ask you have a citizens bill of rights protecting us all from chuck schumer. what about that? no more sunday press conferences, and that ought to make him mandatory in the first one to sail on the new carnival triumph once it is ready. melissa: he would go and test out the ships to see if they work before we go out there. that is what i want you to do, go test the ship for us. i love it, let's end on that one. we will see you back here tomorrow. here comes "the willis report." gerri: hello, everyone. tonight on "the willis report." shock waves in the market, cyprus looks to move two sees money in the bank accounts they can pay their debt. could that happen here? and people who cannot pay and penalizing those who do pay. an actual plan being drawn up, and a new business boom with a royal twist, the rush to get kate middleton. "the
year. >> and he said the basis of hostility with iran is the u.s. government. we'll have the latest on president obama's trip to the region live from jerusalem. >>> the united nations is going to launch an investigation into whether chemical weapons were indeed used in syria. both the syrian regime and the opposition asked the u.n. to look into the claim. >> the demand came after both sides accused each other of firing chemical weapons on tuesday. opposition groups insist rebels don't have access to such material. >> and u.s. officials saying they welcome the move. >>> first up, north korea's new and threatening message. pyongyang warning today it has the capability to strike u.s. bases in guam and japan. >> matthew chance joining us now from seoul, south korea. matthew, is this north korea's typical bluster or something more ominous here? >> it's really difficult to say, fredricka, because it's such an unpredictable regime. but what we do know is these threats are being made all the time now. there's a lot of tension that's been growing on the korean peninsula, tension that is bein
of cyprus rushing to pull money out of the banks and atms at as nation's governments weighs a new bank account tax. there would be a 3% tax for deposits under $100 thousand euros, and a 10% tax and 15% tax for amounts larger than 500,000 euros, country central bank declaring a holiday until thursday, when they vote on the plan, this is sparking investor fears at home, joining me now lance roberts, host of street talk live, and xena. partner and cfa, welcome all, great to have you here, lance, i'll start with you, i have to assume some wealthy individuals are having questions about safety of their money, have you gotten any calls, are you expecting any? >> i'm not expecting any but i would not be surprised to see people talk more about this in next few days it is very late tonight anyway it looks like they will preserve the under $100 thousand mark and go after larger deposits, but the question, here in u.s., could it happen here? probably not. but the question is, ha hasn't t already happenith standpoint feds suppressing interest rates, that is the rate less than inflation, negative in
the asylum system. so the government has made asylum of use a punishable crime -- asylum abuse. 80% of those affected are roma. these drastic measures are to ensure other citizens can travel freely. the eu has threatened to suspend the said-free travel. these are hard times for the roma. elvira is 34 and has three children. she married her husband when she was 14. she lived in germany before as a child until she was 7. now the family of five lives in two rooms with her in-laws -- 12 square meters to eat, sleep, and do homework. the entryway serves as a kitchen. >> they would love to have another room so each would have their own bed, but that is impossible. >> they could use the suspended 50 euros a month welfare benefit. neither elvira nor her husband has worked. occasional day jobs earn them up 15 euros. fights are common at school. >> two or three times a week, not just fistfights, but with knives, brass knuckles, even guns. >> they venture out, but they are cautious. with more than 20,000 roma, it is the biggest community of its kind in europe. unemployment is an estimated 90%. it is fer
-- what caused concerns across europe and across the world. and i think the cypriot government understands that and i think the international community also needs to understand that in the way it's intervening in cypress. we should not let what is clearly a very big problem for cypress become a big problem for europe. >> ross, it doesn't necessarily seem his counterparts are doing anything to resolve this issue right now. but also, it didn't exactly look like westminster there. it looks like he was standing on the back porch or something. >> i can't actually see. i don't know which shot you can see. but, yes, big ben should be behind me somewhere. >> i meant behind george osborne. >> sorry. where i interviewed george was in the media center which is just down the road from the house of parliament. that's why. i didn't know if you were talking about my shoulder or that with george. that's where the journalists go and have breakfast. >> did he, ross, during that brief interview that you had with him or afterwards, express there needs to be more of a sense of urgency as far as britain is conc
taxpayer dollars funded that video. this, of course, weeks after another government agency, this time, the usda had a video teaching college kids how to use a microwave. since the sequester, washington agentedded like a 2-year-old throwing temper tantrums making big spectacle cuts. looking like stopping the federal government from spending money is harder than keeping the snow from falling. cut out the spending on junk. that's my two cents more. that's all for tonight's "wig liz report," and thank you for watching. if you can't catch us live, don't forget to dvr the show. have a great night. ♪ lou: the tie any island nation of cypress is safe for now. the last effort to bail out and save its economy, but the solution that has bank depositors and investors everywhere now nervous. the largest banks are taking up to 40% of all bank deposits more than 100,000 euros or $129,000 or higher leaving smaller deposits untouched. optimism over the deal initially pushed the s&p 500 to within a point of its all time high of 1565 in early trading. stocks told off the cypress bailout is a template
's a holiday here on monday. that would give the government five more days to either get money out of russia or come up with some other way to solve the math here. remember when the end game is. this country asked for 17 billion euros from other european countries and they said we're not going to give you that much. we'll only give you 10 billion euros. we'll help you out with recapitalizing the banks but you guys have to come up with nearly 6 billion on your own and really the only place to get it is in deposits. we saw the parliament reject that last night. here's the one piece of insight that i can give you since being on the ground here. overseas everyone was aghast that would try to tax insured deposits. the vast majority of the cypriots we talk to are aghast at the concept of taxing any deposits even the wealthy. they see it as an attack on the business model of the country. and they don't want that to happen. where do you come up with the money is the question? guys, back to you. >> so many different angles as we go on. they'll take an american credit card. you're using credit cards a
or 13 years they're spending -- their spending by the government's gone berserk. it's almost tripled since the year 2000. while government revenues went up nicely in cyprus, the government spended and spent some more and we've seen that in southern europe and elsewhere and now the piper has to be paid . >> mr. forbes, given the differences you've pointed out between the economies and the attitudes of germans and german favors and those of southern europeans, do you think it would be bet father cyprus had just left the -- would be better if cyprus had just left the euro one right now? >> there's no reason why it couldn't fit together if these things were treated as a credit die sis from the very beginning -- crisis from the very beginning. in my country, for example, it won't happen, but let's say the state of illinois, which is an economic disaster disically, defaulted on its bonds, it wouldn't leave the dollar zone, it's a credit problem. that's what this should have been treated as in the beginning. figure out how you deal with the banks that are in trouble, stop piling on new taxe
the reported 10 billion euros. he said the number has been exaggerated by the communist government, the former communist government. the officials are saying the imf nor the ecb has independently verified this figure. tyler, i have a call in to the imf. i'm awaiting their response. >>> 40% of the deposits in the cyprus banks belong to foreigners. many of whom are russian investors. robert frank here with the fallout on this. i guess it's easier for the cyprus officials to say let me take the money out rather than lay the whole cost of this bailout on cyprus' taxpayers. >> but the way they did it is surprising. cyprus is not just a tax haven for russia, it is the tax haven for russian millionaires and billionaires. russia has invested $119 billion, that's with a "brks" in cyprus in 2011 alone. that's by far the largest recipient of russian investments in the world. equal amount of investment came back to russia from cyprus. funny how that works. russian investment is five times the total economic output for cyprus. russians account for $20 billion of total bank deposits or, tyler, as you mentio
. and they are rushing to take out their money which lead to the government shutting down all of the banks until at least thursday. most upset about all of this is the russian president, vladimir putin. they are rumored of depositing 19 billion euros in the cypress banks. anyway, let's go live to cypress. >> leave him alone, man. >> almost as good as a hawk eating a mouse video. >> what did this mean for america? and america ferarra as a country. >> cypress is to russia as the caymen islands is to the united states. i don't think it is going to affects our banking system. they had that choice. either that country defaults or they tax the banks and it is the russian money that is in there. >> let's say you have money in the caymen islands. >> oh, i do, greg. >> you probably do. and then all of a sudden the caymen islands decides they will take your money. isn't that an act of war? >> are you a dope for doing it. qaddafi did that. all of those people had the money. the libyan banks and qaddafi and your choice is to poke them in the chest and say give it back and he said no. that's the risk you take. you sa
. what i'm saying is from a government perspective in russia, addressing this in a broader issue and not just capital flight, do russians want 120 going out and 130 going back in. it underlines the fact that putin doesn't control a lot of money going out of the country. >> that's a good thing. it's a capitalist society. the situation between russia and cyprus is partly rich russians using cyprus. that's one thing to say. the second thing is the way russian companies are structured is the legacy of the fact that 10 or 15 years ago russians wanted to do business with the world but their own structures were so underdeveloped because they were so young because they had to use russia and they had to use cyprus. it isn't sustainable in the medium term. more and more of the market is coming back offshore. a major initiative to make moscow an international financial center. apart from that, you have to look at the diplomacy of this. it looks as if the deposit grab is being deliberately designed in order to tax russian companies and relatively wealthy russians. about a third of the deposi
. they are debating this bailout proposal and to a man so far, they are all saying no. the governing party, apparently, has prepared a one-day postpone meant on the vote because at this point they are prepared to have sustained. cyprus' finance minister, who headed to moscow to appease some of the russian depositors has offered his resignation. people are observing what is going on in parliament. the euro has fallen the lowest since november 22nd. we're also hearing that the british ministry of defense is airlifting about a million euros to be distributed because the banks remain closed in cyprus. >> bertha, thank you very much. another story involving fake facebook shares. scott cohn has been looking into it. >> the facebook ipo and how hyped it was, how everybody wanted to get their hands on the pre-ipo shares. a man, 71 of florida, allegedly told investors that he had shares and raised about $8 million, it was all a ponzi scheme. he's charged in a four-count criminal complaint as well as a civil suit by the security and exchanges commission. could face up to 20 years in prison. he claimed he had pr
for financial bailout. but early today the cyprusian government is sparking concern throughout the region. joining me is andrew ross sorkin of the "new york times" and francesco guerrera for financil economic. simon i'll win good you. what's going on. >> well the explanation part is that a number of cyprian banks gambled and lost in a big way on greek debt. they facing big losses and these banks are big relative to the economy. the economy needs financial assistance from the outside from the european union and i'm afraid the people running the show presumably the germans in the first instance have decided greek depositors should take a hit. the way that played out at least over the weekend was all depositors would take a hit of some kind no matter how small their deposit. it sales to be now an attempt to back away from that and focus on people with deposits over 100,000 euros targeting in part russians who hold a large amounts of money, claims on those cyprian banks. >> rose: when that happened what was the talk in the financial community citing your com a couple quotes one from dennis
signs of vitality. here in japan the japanese government beginning steps to implement major changes after decades of inflation. concerns are coming from europe and affecting global markets. let's see how we're opening up here. the markets this time yesterday got a big boost. we did see the euro surge. the relief seems to be short lived as we're seeing in the opening lels. the rescue deal for cyprus could serve as a template for other european countries with strug e struggling banks. that comment really heightens some of the worries in global markets that the deal that was made may result in more problems down the road. now a bit of a negative reaction here in tokyo. we also might see which is a bit of a worry is a return to safer assets by investors including the yen. >> many investors watching the yen's movement. the japanese currency has been on a major weakening trend. where do we stand this tuesday morning? >> that's a big focus. you mentioned the moves by prime minister abe. let's look at some of the currency levels here and the pairs today. we've seen some volatility with the
what the government vertical did. clearly, we had the sequester late in the quarter. that could have had impact on numbers. it's about 10% of revenue. we'll be looking for some color there. hardware revenue has been disappointing. i think seven our the eight last quarters. that certainly weighed on total revenue. we're projecting growth to get to positive levels in q1. we'll certainly want to get an update there. and the license revenue is a bit of a miss as well. so we'll be looking for more color on the government side. >> go ahead, jon. >> something i do want to mention on epps, it's technically a 1 cent miss, avenue cents when the street was looking for 66 in non-gaap. through there is a currency impact. oracle saying that constant currency, it would have been 66 cents. but, again, many analysts have factored some currency in to their 66 cent estimate. so i'm not sure how much of that matters. >> well, i think that's a good point, jon. but i guess what ai'm focused o is revenue. >> yeah, particularly new license and hardware. >> right. >> particularly new license and hardware. i
's employees will be gone. where the red assets are going to the bank of cyprus. the government spending cuts will have to come along with tax increases. this deal still hurts. >> i do not think there is any denying that the cyprus people will have to go through tough times and will suffer the consequences. we had to adjust over relatively a short period of time. rich: now the question is what does this mean for the rest of the euro zone? this, the bailout should be a template for the rest of europe and banks should be reduced. back to you. connell: rich edson lives in cyprus. trading halted in some of those italian banking stocks also added the comments in terms of a template. time to bring in axel merck. your thoughts? >> good morning. when someone screams fire, you do not want to shut the accident. halting stocks, i do not think, is helpful at all. i think it is rather responsible. the question is what will happen. obviously, investors are taking action. connell: you just look at the big board here in the united states and the green at the beginning of the day has now turned red. european
have been really concerned with what's going on, with a government that buys 1.2 billion bullets, hires 16,000 new irs agents, a government that's spent a trillion more than they earn than brought in, it doesn't help. the people in this country who are afraid of losing their rights and liberty, it's scary. stuart: i want debt center stage, and it's not. >> it's not. it should be. it might be likely limited, but it shows there's nothing above political meddling. what used to be taboo is your deposits are safe from taxation. stuart: the time is up, butdagen, connell it's yours. connell: thank you, sir. dagen: if you bail out those depositors, why shouldn't they have to pay something for the bailout? just asking. connell: whole hour to talk about it. connell: good morning, stuart and company told you the bad news from europe is back, and the $13 billion bailout in cypress. they want to pay for it by taxing people's bank accounts. dagen: the president will announce his no , nominee for s secretary. another looks at a man's record over at the justice department. connell: the cyber threats,
. overseas, a the love federal government, legal questions. she was fbled by republicans for two and a half years. the president spoke out on that amidst all the other busy stuff he was doing on foreign policy this week. and he said even after nearly two and a half years, a minority of senators continued to block a simple up or down vote on her nomination. the d.c. circuit has more vacancies than any other appeals court. yet we know this doesn't get a lot of attention. do you think there is any. >> to put more pressure on this do nothing congress? >> it is unlikely she will come back up. what is happening here is that this is part of the conservative cause on judicial nominations. they're made about what happened during the bush years when democrats blocked a landful of very conservative judicial nominees. in some respects, this might be payback. what could obama do? he can try another couple of judicial nominations. the bottom line is he needs to clear these judicial nominations with at least a handful of republicans. otherwise if they're too liberal, they will get filibustered. >> thank y
next on cyprus. erin david is "morningstar"'s expert on international banks on the government's attempt to break into individual bank accounts. coming next she tell us the banks to stay away from who are exposed in this whole thing and whether or not it could ever happen here. sandra: and later this hour, we turn our eyes to fashion and the publicly-traded retail tears that mike -- retailers that might make a good fit for your portfolio. ♪ thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. david: europe was hit by a financial earthquake with the news cyprus was set to confiscate 10% of all bank profit deposits for a bailout. taking income already earned and taxed seems to cross a line only hinted at by wealth taxes in the past. could we see the co
jeopardy doesn't apply there. so if that happens, then the italian government would have to push the u.s. government to get amanda knox and i do ited, and that's a long shot. one, because of what you just mentioned. in this country would do not have double jeopardy. so as far also the u.s. is concerned chev is free, and two, as a rule, we do not industry do it american citizens to other countries. they would try her in absentia and if she was convicted again, she would clearly have to avoid italy for the rest of her life. the old boyfriend? he is in italy so he would be tried again. the knox family says once the ruling comes down they may or may not issue a statement. if they did, it likely wouldn't come until tomorrow. >> shepard: an bremner is with us, she is a spokesman for the group, friends of amanda knox. this is something they had been expecting. but it is a little weird to an american audience to hear a court can overturn an acquit cal. >> double jeopardy is our mainstay of our constitution and rights. so amanda knox acquitted on a denovo appeal. the case was tried once. with i
to capture the attention of all of our viewers. i will start with you. the government is saying brand-name pharmaceutical companies and the generic companies getting together in a sweetheart deal that actually puts consumers in a bad spot. how do you respond? >> that is inaccurate. generics, affordable madisons are an american success story. as you know, 80 percent of prescription drugs now are generic. a cost of 25 percent of what the brands are. patent settlements have been part of these savings of $1 trillion thanks to generics over the last in years. a large chunk of that is because of patent settlements. in fact -- gerri: we will let's bring andrew in here for a second. let's let andrew in. >> of course. gerri: he is saying that it is not answered that it is a sweetheart deal and says that it is. it is hurting the very people that the organization represents. >> thank you. what is happening here, a prescription drug manufacturers are cutting a deal with generic drug manufacturers to delay the entry of a potential generic equivalent, and they're doing this committee litigation cos
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